Updated: December 5, 2021 4:12:23 am
SINCE 2014, India has exported defence products worth Rs 38,000 crore, Defence Minister Rajnath Singh said while addressing an event of MSME Conclave on Saturday.
“Government aims to achieve the export target of Rs 35,000 crore by 2024-25,” Singh said, adding that the country is “exporting defence equipment to around 70 countries”.
He mentioned that, given the government’s push to encourage exports, he hoped that India would soon become a net exporter from a net importer. The country will soon become a state-of-the-art technology provider not only for the Indian armed forces, but for the world, he added
“Due to reforms undertaken by the government, the country’s defence exports crossed Rs 38,000-crore mark in the last seven years, and 12,000 MSMEs joined the defence sector. There has been an increase in research and development, start-ups, innovation and employment opportunities,” said Singh.
He stated that the government had estimated Rs 85,000 crore industry of aerospace and defence, and the “contribution of the private sector to this has increased to Rs 18,000 crore.”
“Today, there is a sizeable number of MSMEs that contribute 29 per cent to our GDP through their national and international trade. After the agriculture sector, it is the biggest source of providing employment to about 100 million people. They also work to involve innovators and mediators in large enterprises and help fulfil the objectives of large industrial entities by becoming an important part of the value chain and supply chain,” said Singh.
He added that, “We can create a world-renowned industrial base in India that caters to the domestic and global defence needs”. The government, he said, is according top priority to self-reliance in defence in view of the ever-changing security scenario. He also exuded confidence that the Indian manufacturers and their associated MSMEs would play a major role in catering to the defence needs of the country and meet the global requirement.
The conclave was organised by the Defence Ministry’s Department of Defence Production in partnership with Society of Indian Defence Manufacturers (SIDM).
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